Oi S.A. (OIBR)

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Oi SA Research Report

On October 2, 2013, Oi SA (Oi), along with Portugal Telecom SGPS, S.A., announced the execution of a Memorandum of Understanding (MoU) for the merger of the activities of both the Companies. The Company informed that Oi, Portugal Telecom SGPS S.A., AG Telecom Participações S.A., LF Tel SA, PASA Participações S.A., EDSP75 Participações S.A., Bratel Brasil S.A., and also certain shareholders of Portugal Telecom, in particular, Avistar, SGPS, S.A. and Nivalis Holding B.V have entered into a MoU which establishes the basis and principles that will govern the negotiations of a potential transaction involving Portugal Telecom, Oi and some of their controlling shareholders to form a combined entity, which will unite the shareholders of Oi, Portugal Telecom and Telemar Participações S.A. ("TelPart") and combine the activities and businesses developed by Oi in Brazil and Portugal Telecom in Portugal and Africa. The Full Research Report on Oi SA - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.analystscorner.com/r/full_research_report/744d_OIBR]